EUR/GBP - BEARISH RSI DIVERGENCE | STOCHASTIC & 61.8 FIBONACCI
- EUR/GBP has pushed upwards and retraced considerably after being sold off for the past few months.
- A strong sell signal has formed via the RSI divergence. RSI has been printing lower highs with price printing marginally higher highs, thus showing waning strength.
- Stochastic is strongly overbought and crossing over as further confirmation.
- Macro 0.618 fibonacci resistance has been touched and failed to be breached on a second attempt now which forms further confluence.
- All of the above yields a considerably strong reason to open short position with a target of the strong volume level of 0.903.
- Stop will be placed in and around the region of the 0.92 level.
Note
Stopped out of trade but re-opened short position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.